Representatives at Virgin Mobile Middle East & Africa have declined to comment amid rumours the company is exploring options, including potentially selling all or part of itself.
Bloomberg has reported the company is working with Evercore Inc to evaluate options, which could include an initial public offering. The outlet reported the sources said the discussions were in the preliminary stage. The story cited company sources who requested anonymity due to the deliberations being private.
CommsMEA contacted Virgin Mobile Middle East & Africa on Sunday. The representatives said they were again declining to comment.
Formed in 2006 and headquartered in Dubai, Virgin Mobile Middle East & Africa offers wireless services in Saudi Arabia, Oman, Malaysia and South Africa, including under the Friendi Mobile brand.
Shareholders include billionaire Sir Richard Branson’s Virgin Group, Kuwait’s Gulf Investment Corp and National Technology Enterprises Co, investment firm ePlanet Ventures, Oman’s Dolphin International, and others, according to the Virgin Mobile Middle East & Africa website.
The company raised approximately US$30 million in Islamic bonds in May, and won Telecom Group of the Year at this year's CommsMEA Awards, as well as Most Innovative New Service of the Year.